Essential Properties (EPRT) prices inaugural $400 million senior note offering.

Essential Properties Realty Trust, Inc. (EPRT) announced today that its operating partnership has priced a $400 million offering of 2.95% senior unsecured notes due 2031.  The notes were priced at a discount to yield 2.973% or +150 basis points to the benchmark treasury.  The notes are rated Baa3/BBB- by Moody's and S&P.

This is EPRT's first offering of senior notes.  The company said that proceeds would be used to prepay secured debt under its master funding program and to repay amounts under its revolving credit facility.

Essential Properties Realty Trust is an equity REIT specializing in net-lease retail properties.  As of March 31, 2021, the company owned 1,240 properties in 43 states and had a total enterprise value of approximately $3.4 billion.